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Bullion is trading near a record high, heading for its first annual increase in three years, as data showing US price pressures easing reinforces expectations for multiple rate cuts in 2024.

A report last week showed the Fed’s preferred gauge of underlying inflation barely rose last month and — by one measure — even trailed policymakers’ 2% target.

Swaps markets are now pricing in a more than 80% chance of a cut by March, which would be bullish for non-interest bearing assets like gold, though some central bank officials have pushed back on the prospect of early easing.

Gold rose 0.2% to $2,057.28 an ounce as of 10:38 a.m. in New York.